Running a business? New to invoicing? Have you lost money or time, or both? Have you dealt with clients who do not make payments on time? Chances are you do not have your invoicing on point. This is particularly true as you scale your business. Invoicing can be a major pain if you are not organized about it or you simply do not know how to do it. However, all you really need to simplify your invoicing is an invoice generator and a few simple tips to streamline your invoicing process. Want to get paid without hassle? Follow these tips and tricks:
If you do not have a deadline, invoicing will become too tedious a process. You need to give your customers a payment due date so that there is no confusion. Not every customer is likely to be punctual, which is why you need to give them strict deadlines. Mention the payment due date on your invoice to let them know. Setting deadlines also includes fixing a payment cycle. Is it monthly, bi monthly, every two months? Fix one that works best. Establish these payment and work deadlines well ahead of time so that you and your customers are on the same page.
Consider Charging Late-Fees
You may want to charge late fees. If you have customers who make it a habit out of paying you late, consider charging them a late fee. This should help get your customers back on track and help you get your payments on time without the added stress of having to follow up with customers. In most cases, a fee is charged if the invoice has not been paid for third days or more. However, you can set the fee as you please.
However, if you do plan on doing this, let your customers know well in advance so that there is no confusion or issue. Doing this leaves very little room for doubt (or excuses). Ultimately, this may be the best way to get your customers to be punctual with your payments.
Use Invoice Generators
Invoice generators are immensely useful because they automate the process of invoicing and make it professional and error free. There are a bunch of powerful invoice generators online that you can look up. While some are free, you may still have to pay for a premium account, which has extra features that you might deem useful.
However, if you are not sure, you can stick to free invoice generator for the time being. The other advantage of using invoice generators is that they are up to date with the latest laws, meaning you can be sure that you will have no legal issues while invoicing. Some of the best invoice generators on the market are:
- Quick Invoices
- Free Invoice Generator
- Zoho Online Free Invoice Generator
- FreshBooks Invoice Generator
- Invoiced Free Invoice Generator
These are a few among tons of invoice generators available today.
Start accepting different payment methods
Having multiple payment options and mentioning them to the client makes things a lot easier. If one doesn’t work, you always have another payment gateway. The more you have, the better. This way, you ensure you always get paid and you do not have to follow up on payments. The most used payment options are UPI, credit cards, debit cards, and Paypal. Again, mention them to the customer so that they have no queries or excuses not to pay.
Know Your Customer
Want to stay away from shady deals? Know your customer. Get their bank and payment details and make sure they are accurate. The last thing you want is confusion with your payments. Find out who you have to deliver the invoice to before you start working so that they can process the payment immediately. This way, you do not have to follow up multiple times for your payment and waste time in the process. In other words, less hassle, quicker payments.
Are you sending invoices to international clients? While English is the universal language, it would not hurt to send your clients invoices in their local language, making it easy for them to understand and make payments accordingly. You could send them an invoice that contains details in English and their local language.
What Should Your Invoice Contain?
If you’ve never made an invoice before, be sure to include your business name and address, customer name and address, total bill along with break up of expenses, tax information, list of services provided, date of invoicing, and payment due date.
There you have it – what beginners need to know to streamline their invoicing with zero hassle. It is vital to get this in place particularly as you start to get more customers because tracking them can be difficult over time. Different clients may have different payment cycles, which may make things even more confusing. While you could use Google Docs, Excel, etc., to create invoices from templates, you are better off with an invoice generator that takes care of it for you. Look up as many as you can online and choose the one that best suits your needs.